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EchoStar Upgraded by Moody’s
April 16, 2026
EchoStar Corp was upgraded by two notches to B3 from Caa2 by Moody’s. The rating agency also upgraded Dish Network’s and Dish DBS secured notes to B1 and B3 respectively. The upgrade is driven primarily by expectations of significant debt reduction over the next 12-18 months resulting from impending spectrum sales. Previously, the FCC had determined that EchoStar was underutilizing its spectrum and deemed its continued ownership inconsistent with the public interest. Due to regulatory pressure, EchoStar sold ~58% of its spectrum to AT&T and SpaceX for $23bn and $17bn, respectively, last year. According to Moody’s, these transactions will dramatically improve the company’s balance sheet, reducing debt leverage from 24.9x at end-2025 to an estimated 4.4x by end-2027. Its cash holdings are projected to reach $14bn as against ~$16bn in debt by end-2026. While the spectrum monetization represents a transformational liquidity event, EchoStar’s ultimate credit profile trajectory will depend on how it deploys its substantial incoming cash and manages its subsidiaries’ capital structures. Meanwhile, its pay-TV subsidiary, Dish DBS, is pursuing a restructuring support agreement with bondholders to avoid filing for Chapter 11.
Dish’s 7.375% 2028s were stable at 97.7, yielding 8.5%.
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